Bitcoin Curb-Stomped Below $8,000 As China Yanks Online Crypto-Ads

Bitcoin fell below $8,000 this evening to a low of $7,861, erasing nearly three months of gains.

The Sunday night drop comes amid news that crypto-related advertisements have stopped appearing on Chinese search engine Baidu and social media platform Weibo, as part of sweeping crypto-crackdowns aimed at curbing speculative trading in the currency, according to cointelegraph.

Furthermore, the People’s Bank of China was told on Sunday that China will be ratcheting up regulatory pressure on cryptocurrency exchange sites and Initial Coin Offerings (ICOs), according to Chinese news outlet Sina.

Meanwhile, the South China Morning Post news site reported that when the terms, in Chinese, “bitcoin,” “cryptocurrency,” and “ICO” were searched on Chinese search-engine Baidu and microblog Weibo, no obvious paid sponsored content came up alongside the expected organic results. –CoinTelegraph

Facebook similarly banned crytptocurrency advertisements last week, citing the giant number of fintech companies on the platform that are “not operating in good faith” – a move which was received favorably on Reddit’s /r/Bitcoin forum, with users commenting on the large volume of scams they’ve seen floating around social media.

just me out of the choir or I am watching a circus here ?
everything completely expected
I forecast with my balls between my legs and my head on my neck ,, that bitcoin will wallow under 1000$ , sooner then later..
then when even criminals do not accept it as payment under 100$